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Insuring Agreement, Endorsements and other Insurance Terms

Following are some of the insurance terms:


    It is a specific date from which the policy starts or the exact date and time your insurance from which the policy will officially become active. Month/day/year (MM/DD/YYYY) on which the insurance applied for is bound.

    For example, A man purchased a vehicle insurance policy on 15- March. But old vehicle insurance has not expired yet (valid till 31 March). Then the new policy will be active from 1-April. This is the actual effective date of the policy.


    An endorsement also refers to Policy change. Endorsement refers to any addition made to the existing terms and policies in your policy.
    An insurance endorsement may be used to add, delete, exclude, alter coverages or other data. An insurance endorsement either be issued at the time of purchase, or renewal, or at mid-term.

    The main purpose of an endorsement is policy change. Insurance companies provide options to insureds to add coverage or increase coverage limits. You may have endorsements issued for automobile, condo, renters, home, and watercraft insurance policies, etc.


    • Delete coverages from the policy.
    • Adds coverages in an existing insurance policy.
    • Adds or deletes locations and insured to an insurance policy.

    An Insuring agreement is the part of an insurance contract that will give exact information about risks or insurance coverages in exchange for premium payments at a certain value and interval. It lists the exclusions for insurance coverages so that the policyholder knows the exact extent of their coverage.


    The declaration page gives information about your insurance policy which includes your personal details like your name, address descriptions of the insured property, and your premium. Apart from that it also gives information about policy endorsements, and limit for each coverage.


    This provides information about coverages other than Collision like theft, glass breakage, or damage from acts of nature. It protects you financially against any losses that might arise not due to collision. It is also known as own-damage or Comprehensive coverage.
    It covers:

    • damage occurs by the Natural disasters or bad weather
    • Fire
    • Theft
    • Damage to the third party
    • Damage caused by falling objects such as trees etc.

    Non-owned autos are vehicles that are used for commercial purposes. These are owned by employees and used for company business. Non-owned autos provide liability coverage like property damage or bodily injuries caused by you or your employees while driving. The main purpose of non-owned auto insurance is to protect your business.

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